|
Turkish Real Estate
Turkish Law is reciprocal for
foreigners buying real estate in Turkey - for example a British or
Irish National can buy property in Turkey just as a Turkish National
can buy property in Ireland or Britain. The process is like this:
Step 1 - You decide on
the property you wish to purchase and a deposit is paid by yourself
at the notary office where a translator will translate the document.
The deposit is called kapi parasi or door money this is a legally
binding agreement for yourself and for the owner of the property you
are purchasing. A completion date will be set which is between 8 =
12 weeks.
Step 2 - You will give
power of attorney to your lawyer so that he can complete the
necessary paperwork on your behalf. This involves taxes, searches,
changes of electricity and water meters to your name.
Step 3 - Your papers
will be sent to the Military this is a formality. As a foreign
purchaser there are certain restrictions - e.g. you are not allowed
to own real estate beside military jandarma or police buildings.
Step 4 - 6-8 weeks
after the deposit has been paid your paperwork will have been
returned and be in the Tapu Office. This is the Deeds office and the
transfer between yourself and the owner is now ready.
After paying your
deposit it makes sense to open a bank account locally so that you
can transfer your final payment of money to your account.
Apart from taxes in
the sale purchase of the property you are buying, the only tax you
should pay after this is a yearly tax on your property of half of
one percent of the value of your house - this is updated every five
years. |